Thoma vs. TPG (buyout)
Hypothetically, which of these funds would you rather be at? Why? SF and buyout teams. Love to hear anybody's thoughts.
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TPG
Honestly very similar in terms of the SF team but have a few key differences. TB is more focused on software and enterprise tech but TPG is more differentiated doing software but also healthcare, business services, media & comms. Not to say that TB doesn't do those as well but they're more tech focused in their approach. TB talks a lot about how they pioneered the buy and build approach on their site so that's another core area for them. Last thing that comes to mind is that for TPG, SF is their hq and that's not the case for TB with a large team Miami as well. Again it's unfair to say that TB's SF office isn't a main office but TPG has more investment professions there and so more work primarily gets done out of that office. Choosing between these does feel like splitting hairs though and they're both amazing at the end of the day. Maybe someone else can speak more to promotions, etc which could be a more deciding factor.
You lost me when you started talking about Thoma Bravo’s Chicago office which is just a back office hub.
Is this a joke comparing them to the GS SLC office? I met a few guys from TB Chicago and they told me they came from banking so I would be surprised if this were true.
i think most of their credit team is there, and maybe one partner in buyout/GE
Having engaged with both of them on the sell side, the answer partly comes down to what you want to do with you career long term and what kinda resume are you trying to create 5 years down the line.
Apart from the above, objectively, TPG would be better in my view esp this early in your career.
TPG is a storied franchise, diverse in its investments (across sectors and platforms) and generally considered the 4th in the mega fund rankings. With diversity in investments there is some solace esp in the current tech down market. Gives you exposure to multiple sectors so you have broader base to launch your career without pigeonholed. Ofcourse the global brand helps arose the world incase you are adventurous or an international candidate.
TB is great as well if you want your resume to scream tech, it is certainly on the upswing (although starting to plateau) and well respected.
Can’t speak to culture as that’s intimate depending on where and which team you land.
Frankly can’t go wrong with either.
I don’t think many people see TPG as the 4th fund anymore tbh…? Not to do stupid rankings but TPG seems to be declining / stalled except for their ESG stuff - to me they’re in the same basket of old, storied but stalled funds like Carlyle, Bain Cap etc.
Agreed
I don't even think TPG is that 'global' of a brand either. Sure compared to TB probably but compared to the likes of BX/KKR doesn't even come close
curious to hear why you think thoma is starting to plateau, espsecially given their massive 32 billion fund raise.
A combination of factors, 1/ spoke to a senior TB partner few weeks back, reading between the lines, the firm seems to be focused more on keeping what they have (read restructuring) than making new investments 2/ incidentally also spoke to one of their major LPs who said they are over extended in tech (thru TB) and not deploying any more cap 3/ returns from the current vintage are not going to be good - my view - TB paid peak multiples, mostly high equity only financing (any reasonable dividend recap is 18-24 months away), for many of those software names, frankly IPOs are the only profitable exit as there no logical strategic buyers (been around these long enough to know), may be another sponsor acquires with TB rollover (like BX/Cvent) - all in all even giving TB the benefit of the doubt that they can aggressively improve EBITDA (cut R&D, rationalise S&M, take SBC way down) a lot of TB’s thesis is based on markets going back to 2021 levels which is highly unlikely
Bottom line, expecting poor returns with more focus on portco work (TB does not have separate consulting team like vista) with rationalised HC, no aggressive global expansion (although they did just open London office)
Welcome alt POVs
TPG's culture is truly toxic from the top down. They're basically the old school republicans who preach family values while getting caught soliciting male prostitutes in an airport bathroom.
From their head of ESG (ironically) getting wrapped up in the varsity blues scandals, founders getting kicked off boards for inappropriate and very public comments to general abuse of anyone below them in status or seniority. I can't imagine any of the mega funds are particularly great to work for, but they're in a class of their own.
I'm sorry this is a good thing. You'd rather have the woke clowns ? Be my guest
I'll rather have non-hypocritical, non-abusive republicans.
Considering TPG's biggest fundraising success recently has been their ESG funds… maybe they're also woke clowns on top of everything else
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